Statement of Cash Flows—Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $234,050 $216,220 Accounts receivable (net) 84,790 77,660 Inventories 239,340 229,910 Investments 0 89,080 Land 122,770 0 Equipment 264,080 203,280 Accumulated depreciation-equipment (61,820) (54,820) Total assets $883,210 $761,330 Liabilities and Stockholders' Equity Accounts payable $159,860 $149,980 Accrued expenses payable 15,900 19,790 Dividends payable 8,830 6,850 Common stock, $10 par 47,690 37,310 Excess of paid-in capital over par 179,290 103,540 Retained earnings 471,640 443,860 Total liabilities and stockholders’ equity $883,210 $761,330 The income statement for the year ended December 31, 20Y6, is as follows: Sales $1,406,850 Cost of merchandise sold 579,300 Gross profit $827,550 Operating expenses: Depreciation $7,000 Other operating expenses 730,500 Total operating expenses 737,500 Operating income $90,050 Other expense: Loss on sale of investments (24,050) Income before income tax $66,000 Income tax expense 21,120 Net income $44,880 Additional data obtained from an examination of the accounts in the ledger for 20Y6 are as follows: Equipment and land were acquired for cash. There were no disposals of equipment during the year. The investments were sold for $65,030 cash. The common stock was issued for cash. There was a $17,100 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Canace Products Inc.Statement of Cash FlowsFor the Year Ended December 31, 20Y6 Cash flows from (used for) operating activities: $- Select - - Select - - Select - - Select - Net cash flows from operating activities $fill in the blank 9 Cash flows from (used for) investing activities: $- Select - - Select - - Select - Net cash flows used for investing activities fill in the blank 16 Cash flows from (used for) financing activities: $- Select - - Select - Net cash flows from financing activities fill in the blank 21 $- Select - Cash balance, January 1, 20Y6 fill in the blank 24 Cash balance, December 31, 20Y6 $fill in the blank 25

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Statement of cash flows-indirect methodThe comparative balance sheet of Yellow Dog Enterprises Inc. atDecember 31, 20Y8 and 20Y7, is as follows:   Additional data obtained from the income statement and from anexamination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $250,000.b. Depreciation reported on the income statement, $135,000.c. Equipment was purchased at a cost of $420,000 and fullydepreciated equipment costing $90,000 was discarded, with no salvage realized.d. The mortgage note payable was not due for six years, but theterms permitted earlier payment without penalty.e. 30,000 shares of common stock were issued at $20 for cash.f. Cash dividends declared and paid, $45,000. InstructionsPrepare a statement of cash flows, using the indirect method ofpresenting cash flows from operating activities.

Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:   Dec. 31, 20Y9 Dec. 31, 20Y8 Assets     Cash $283,380   $266,640   Accounts receivable (net) 102,660   95,770   Inventories 289,780   283,550   Investments 0   109,850   Land 148,640   0   Equipment 319,740   250,680   Accumulated depreciation—equipment (74,850)   (67,600)   Total assets $1,069,350   $938,890         Liabilities and Stockholders' Equity     Accounts payable (merchandise creditors) $193,550   $184,960   Accrued expenses payable (operating expenses) 19,250   24,410   Dividends payable 10,690   8,450   Common stock, $10 par 57,740   46,010   Paid-in capital in excess of par—common stock 217,080   127,690   Retained earnings 571,040   547,370   Total liabilities and stockholders’ equity $1,069,350   $938,890   Additional data obtained from an examination of the accounts in the ledger for…

Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:   Dec. 31, 20Y9 Dec. 31, 20Y8 Assets     Cash $303,530   $282,030   Accounts receivable (net) 109,960   101,290   Inventories 310,400   299,900   Investments 0   116,190   Land 159,210   0   Equipment 342,470   265,140   Accumulated depreciation—equipment (80,180)   (71,500)   Total assets $1,145,390   $993,050         Liabilities and Stockholders' Equity     Accounts payable (merchandise creditors) $207,320   $195,630   Accrued expenses payable (operating expenses) 20,620   25,820   Dividends payable 11,450   8,940   Common stock, $10 par 61,850   48,660   Paid-in capital in excess of par—common stock 232,510   135,050   Retained earnings 611,640   578,950   Total liabilities and stockholders’ equity $1,145,390   $993,050   Additional data obtained from an examination of the accounts in the ledger for…

Statement of Cash Flows The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:   Dec. 31, 20Y2 Dec. 31, 20Y1 Assets     Cash $234   $18   Accounts receivable (net) 70   63   Inventories 150   127   Land 320   422   Equipment 262   224   Accumulated depreciation—equipment (87)   (54)     Total assets $949   $800   Liabilities and Stockholders' Equity     Accounts payable (merchandise creditors) $65   $47   Dividends payable 6   -   Common stock, $1 par 160   102   Excess of paid-in capital over par 109   90   Retained earnings 609   561     Total liabilities and stockholders' equity $949   $800   The following additional information is taken from the records: Land was sold for $153. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $79 credit to Retained Earnings for net income. There was a $31 debit to Retained…

Statement of Cash Flows—Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:   Dec. 31, 20Y8 Dec. 31, 20Y7 Assets     Cash $73,180   $89,960   Accounts receivable (net) 112,450   121,280   Inventories 160,640   150,320   Prepaid expenses 6,540   4,550   Equipment 327,220   269,310   Accumulated depreciation-equipment (85,080)   (66,050)     Total assets $594,950   $569,370         Liabilities and Stockholders' Equity     Accounts payable (merchandise creditors) $124,940   $119,000   Mortgage note payable 0   170,810   Common stock, $1 par 19,000   12,000   Paid-in capital: Excess of issue price over par-common stock 280,000   161,000   Retained earnings 171,010   106,560     Total liabilities and stockholders’ equity $594,950   $569,370   Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income,…

How does Accounts Payable impact Declan's Designs' 2022 Statement of Cash Flows?

Statement of Cash Flows (Indirect Method)The Wolff Company's income statement and comparative balance sheets at December 31 of the current year and the previous year are shown below: WOLFF COMPANYIncome StatementFor the Year Ended December 31 Sales Revenue   $825,500 Cost of Goods Sold $559,000   Wages Expense 111,800   Insurance Expense 10,400   Depreciation Expense 22,100   Interest Expense 11,700   Income Tax Expense 37,700 752,700 Net Income   $72,800   WOLFF COMPANYBalance Sheets   Dec. 31, Current Year Dec. 31, Previous Year Assets     Cash $14,300 $6,500 Accounts Receivable 53,300 41,600 Inventory 117,000 78,000 Prepaid Insurance 6,500 9,100 Plant Assets 325,000 253,500 Accumulated Depreciation (88,400) (66,300) Total Assets $427,700 $322,400 Liabilities and Stockholders' Equity     Accounts Payable $9,100 $13,000 Wages Payable 11,700 7,800 Income Tax Payable 9,100 10,400 Bonds Payable 169,000 97,500 Common Stock…

Determining Selected Amounts for Cash Flows from Operating Activities-Direct Method Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are as follows: Accrued expenses payable (operating expenses) Accounts payable (merchandise creditors) Inventories Balance, December 31 $5,040 36,670 67,570 Balance, January 1 $5,510 40,470 73,450 During the current year, the cost of merchandise sold was $372,200, and the operating expenses other than depreciation were $69,800. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows. a. Determine the amount reported on the statement of cash flows for cash payments for merchandise. b. Determine the amount reported on the statement of cash flows for cash payments for operating expenses.